RE:Barron's Report - Marijuana Stocks Are Rising I think investors and the market are realizing that there is a high probability of the Senate passing one if not two cannabis reform laws before year end. My key takeaways from todays trading and news:
1) Most cannabis stocks ended up today despite a down day in the overall markets. It will be interesting to see if this trend continues into the week or if there is some profit taking after the multi day run-ups in cannabis stocks.
2) It appears that Chuck Schumer will get bipartisan support in the senate for at least the SAFE Banking Act by breaking out his social justice issues into a seperate bill. Any confirmation of this will push cannabis stock prices higher especially US MSOs.
"Majority leader Chuck Schumer (D, NY) is said to plan passing two distinct cannabis bills before this month’s holiday break. One bill would allow federally regulated banks to service marijuana businesses that are licensed in states where they operate. The other would provide federal grants for state and local programs helping expunge the records of individuals convicted of marijuana possession.
The bills would appeal to separate ends of the political spectrum. Schumer reportedly plans to attach them to other legislation that the Senate must pass. The House will go along, having already passed the banking reforms under the name of The SAFE Banking Act. And President Biden will be on board, after calling for cannabis reforms in October."